Enbridge Achieves Strong Q3 with $3 Billion in New Projects
Calgary-based Enbridge Inc. recently announced robust third-quarter financial results, coupled with the sanctioning of $3 billion in new projects, reaffirming its strong position within the North American energy market. The company reported GAAP earnings of $0.7 billion CAD, a decrease from the previous year, but achieved an adjusted EBITDA of $4.3 billion. CEO Greg Ebel emphasized high system utilization as a primary driver of this success.
Significant investments include the Southern Illinois Connector and strategic expansions in gas storage and the Canyon System Pipeline. These projects are poised to enhance Enbridge's capacity to meet increasing North American energy demand. The company also reiterated its financial guidance for 2025, anticipating steady growth and secure dividends for its shareholders.
For Calgary, Enbridge’s continued strength and investment signal positive momentum for the city's vital energy sector. As a major employer, Enbridge contributed nearly $439 million in base pay to its Alberta-based employees in 2024, alongside significant tax payments that support provincial and municipal services. These ongoing operations and new projects stimulate local economies through procurement and indirect employment, underscoring the company’s role in Calgary’s economic stability. This investment also aligns with broader provincial efforts, including a partnership between the Alberta government and Enbridge to expand pipeline capacity.
